Parent PLUS Loans
The Federal Parent PLUS Loan Program provides loans for parents of dependent students attending post-secondary schools.
All parents who wish to borrow a Direct Parent PLUS Loan on their student's behalf MUST complete a Direct PLUS Loan Request Form and aDirect Parent PLUS Loan Master Promissory Note (Direct PLUS MPN).
The Direct Parent PLUS Loan is an education loan with a fixed interest rate (7.9%) that allows a parent to fund up to the entire cost of their student's education minus financial aid already awarded. Parent PLUS Loans borrowed prior to July 1, 2006 have a variable interest rate. See chart for applicable interest rate.
Eligibility is based on credit worthiness of the parent. Parents and/or step parents of dependent undergraduate students are eligible to borrow under the Federal Direct Parent PLUS program.
2013-14 Direct Parent PLUS Loan Process
The FAFSA (Free Application for Federal Student Aid) must be completed and federal and state eligibility determined before a Direct Parent PLUS Loan can be processed.